Moody’s assigns Bright Food notes Baa3

Moody’s Investors Service said it assigned a Baa3 senior unsecured rating to the proposed euro-denominated notes to be issued by Bright Food Singapore Holdings Pte. Ltd., which will be guaranteed by Bright Food International Ltd., which Moody’s rates Baa3.

The notes also will be supported by a keepwell, liquidity support and equity interest purchase undertaking covenants deed from BFI’s parent, Bright Food (Group) Co., Ltd.

The Baa3 rating on the proposed notes reflects the guarantee from BFI and that the notes rank pari passu with BFI’s other senior unsecured obligations, Moody’s said.

The notes will have a limited impact on BFI’s debt leverage because the company will primarily use the proceeds to refinance debt, the agency said.

The outlook is stable.

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